Markets remain subdued ahead of US election
The main TSX index closed flat Thursday along with most of the world’s markets as caution reigned ahead of the US election next week.
Materials gained more than 1 per cent and there was a narrow gain for financials but the other 8 sectors declined.
Oil prices continued lower on concern over the supply glut while gold fared better as investors considered safer options.
Wall Street, Europe and most Asian bourses also closed lower.
The S&P/TSX Composite Index closed down 11.30 (0.08 per cent)
The Dow Jones closed down 28.97 (0.16 per cent)
Oil is trending lower (Brent $46.28, WTI $44.72 at 4.55pm)
Gold is trending higher (1302.95 at 4.55pm)
The loonie is valued at U$0.7463
Airline investment cleared for take off
Foreign investors will be able to take larger stakes in Canadian airlines, the transport minister said Thursday.
Current limits of FDI of 25 per cent will be raised to 49 per cent, Marc Garneau announced, although no single individual or investor group will be able to own more than the current 25 per cent cap.
Mr Garneau said the move was a bid to stir up competition to lower fares. He expects the change to help create new low-cost airlines and add destinations for Canadian passengers.
Calgary’s Enerjet has already said that it will partner with an investor to launch its low-cost service.
Saskatchewan to see most oil drilling in 2017
More oil wells will be drilled in Saskatchewan than Alberta next year according to the Petroleum Services Association of Canada.
The industry body believes that Saskatchewan will drill 1,940 wells with Alberta on 1,900 and BC on 280.
PSAC president told CBC News that it will be the first time Saskatchewan will out-drill Alberta in his 36 years in the industry and “probably the first time ever.”
Toronto home sales surge
The Greater Toronto Area saw a sharp rise in home sales in October, rising 11.5 per cent year-over-year to hit a new record 9,768 sales.
Toronto Real Estate Board data released Thursday shows strong gains for the suburbs and the average sales price across the GTA surged 21.1 per cent to $762,975.
Almost half of the sales increases were recorded before the new federal mortgage rules were introduced on Oct. 17.